Singapore Retail Sales Rebound In March

(RTTNews) - Singapore retail sales increased in March largely on the back of more demand for jewelry, data from the Department of Statistics showed Monday.

Retail sales rose 1.1 percent on a yearly basis in March, in contrast to the revised 3.5 percent fall in February.

Excluding motor vehicle sales, retail sales also rebounded 0.7 percent annually versus a sharp 6.5 percent fall in the previous month.

Sales of watches and jewelry alone grew 13.5 percent, and those of cosmetics, toiletries, and medical goods and supermarkets and hypermarkets industries rose 3.6 percent and 3.4 percent, respectively.

On the other hand, sales of wearing apparel and footwear segments logged a lesser demand of 8.0 percent. Data showed that online retail sales share was 13.4 percent compared to 12.3 percent seen in February.  

Month-on-month, retail sales fell 2.8 percent in March, in contrast to a 3.0 percent growth in the prior month.